National Australia Bank chairman, Ken Henry and chief executive, Andrew Thorburn have advised they are leaving the big banking group.
In what represents the first major fall-out following release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry the bank announced that Thorburn would finish on 28 February while Henry would retire from the board once a permanent chief executive was found.
Current NAB director, Phil Chronican will step to serve as acting CEO.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
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